ISRG
INTUITIVE SURGICAL INC
Healthcare • CIK: 0001035267
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Market Cap
$159.77B
P/E (TTM)
58.1x
Rev Growth (TTM)
+22.2%
Net Margin (TTM)
28.6%
FCF Yield (TTM)
1.4%
FCF Margin (TTM)
23.6%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$2.3B
Q3 '25
$736M+31%
Q2 '25
$560M+20%
FCF Margin
TTM23.6%
Q3 '2529.4%+28%
Sector: 5.8%Top 25%
OCF Margin30.8%
OCF/NI1.08x
CapEx Coverage4.3x
FCF Yield1.4%
FCF Growth (2Y)+28%
Cash Conversion Cycle
198 days
DSO: 47+DIO: 179−DPO: 28
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$2.3B
Stock Repurchases ()$0
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
20.1%
Stable
+0.2% YoY+0.1%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
25.6%
8Q: 25.2%
Asset Turnover
0.50x
8Q: 0.50x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 12.8% ≈ 20.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
2.00x
8Q:2.01x
-35.5%
Invested Cap Turn
0.78x
8Q:0.82x
-27.4%
CapEx Intensity
5.6%
8Q:9.9%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $9.6B | $2.5B↑2.7% | $2.4B↑8.3% | $2.3B↓6.6% | $2.4B↑18.4% | $2.0B↑1.4% | $2.0B↑6.3% | $1.9B↓2.0% | $1.9B |
Operating Income | $2.8B | $759.7M↑2.2% | $743.4M↑28.6% | $578.1M↓21.3% | $734.9M↑27.3% | $577.3M↑1.8% | $567.3M↑20.9% | $469.4M↑4.3% | $450.2M |
Net Income | $2.7B | $704.4M↑7.0% | $658.4M↓5.7% | $698.4M↑1.9% | $685.7M↑21.3% | $565.1M↑7.2% | $526.9M↓3.3% | $544.9M↓10.1% | $606.2M |
Operating Cash Flow | $3.0B | $841.0M↑17.6% | $715.4M↑23.0% | $581.6M↓29.3% | $822.6M↑16.4% | $706.5M↑13.9% | $620.5M↑133.8% | $265.4M↑16.3% | $228.3M |
Free Cash Flow | $2.3B | $735.6M↑31.3% | $560.1M↑20.5% | $465.0M↓8.9% | $510.6M↑11.3% | $458.6M↑47.4% | $311.1M↑1223.8% | $23.5M↑111.3% | $-207.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
58.1x
Valuation Lenses
Earnings
58.1x
vs – sector
Cash Flow
77.8x
EV/FCF vs –
Growth-Adj
2.7xPEG
Expensive for growth
Quality-Adj
2.9P/E per %ROIC
ROIC: 20.1%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$159.77B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
93/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
16.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
20.1%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 25.6%
Asset Turnover: 0.50x
Earnings Quality
Cash Conversion
1.08x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin66.4%
Capital Efficiency
Invested Capital Turnover0.78x
Working Capital
Cash Conversion Cycle198 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
22.2%
OpInc Growth YoY
31.6%
EPS Growth YoY
21.7%
FCF 3Y CAGR
27.7%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
66.4%
Operating
29.3%
Top 25% in sector
Net
28.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-4.9 pts
FCF: 23.6% | Net: 28.6%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $4.95B
Interest Coverage
–
+Net cash position: $4.95B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis